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$30k down payment for a Ferrari?
Set up a company | Qualify for 90% loan | Pay just 10% down payment, insurance and first instalment
A Ferrari is not all that out of reach because of a loophole in car loan regulations. All anyone has to do is to register a company and this will allow him to legally obtain a 90 per cent car loan.
Current loan curbs require at least a 40 per cent cash down payment on the purchase price of a car with an open market value (OMV) of more than $20,000.
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A version of this article appeared in the print edition of The Sunday Times on August 04, 2019, with the headline How to snag a supercar for just $38k. Subscribe
